World Bank

The World Bank’s response to COVID-19 is organized among 4 pillars: Saving Lives, Protecting Poor and Vulnerable People, Ensuring Sustainable Business Growth and Job Creation, and Strengthening Policies, Institutions, and Investments for Rebuilding Better. As of May 2021, the World Bank has issued $4.6 billion across Latin American and the Caribbean (LAC) through the reallocation of funds from existing projects and has committed to distributing $160 billion over 15 months to developing countries around the world, much of which will go to LAC governments to support their emergency responses. Many countries in the region have received support through the COVID-19 Fast Track Facilities, while others have developed unique projects Though projects initially focused on minimizing loss of life, strengthening health systems and disease surveillance, mitigating the economic impact, and addressing supply chain issues, the World Bank has transitioned to the second phase of projects, which focus on addressing the social, financial, and economic effects of COVID-19 and preparing for a sustainable recovery. In late January, the World Bank published an extensive report on the effect of COVID-19 on education around the world, including recommendations for schools as they reopen. $94 million was dedicated to developing an inclusive digital economy in the Caribbean through increasing access to digital financial and legal services. The International Finance Corporation (IFC) established an $8 billion fast-track crisis response facility to help developing countries and firms. The IFC funding is split equally among four goals: support critical industries vulnerable to the pandemic, supporting small and medium enterprises involved in the global supply chain to keep trade flowing, helping firms pay bills by increasing lending capacities in emerging market banks, and shoring up local banks to support emerging market firms. Many of the World Bank’s global initiatives, such as debt-service suspension, have provided needed relief to Latin American countries suffering from existing debts.

The World Bank has also engaged in community-based initiatives, such as temporary cash transfer programs in Belize and Bolivia and distributing culturally-sensitive educational materials on health precautions. To prevent severe disruptions to supply chains, the World Bank is financing input materials and the land preparation for thousands of small farmers across the Caribbean. In its various interactive maps, the World Bank details its country projects and allows individuals to self-report their food security concerns. Furthermore, the World Bank is strengthening health and emergency infrastructure to assist countries already overburdened by natural disasters, dengue outbreaks, and economic instability. In October, the World Bank released its semi-annual report of the Latin American and Caribbean Region. This report analyzed the economic and health response of LAC countries to COVID-19 and issued recommendations for economic policies moving forward. In collaboration with PAHO, WHO, and UNICEF, the World Bank has created the Vaccine Introduction Readiness Tool (VIRAT), an online platform that evaluates country vaccine preparation plans. The Bank is also providing financing to low income countries around the world, including El Salvador, Honduras, and Guatemala, to purchase and distribute vaccines either through COVAX or other processes. 

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Related Country Pages

The following country pages document the World Bank’s response to the pandemic in specific areas, or contain links to further resources about the World Bank.

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Select resources for the World Bank:

To learn more about the World Bank in Latin America and the Caribbean, visit https://www.worldbank.org/en/region/lac.

Alfaro, L., Briones, I., Calvo, G., Cárdenas, M., Rama, M., & Velasco, A. (2020, May 19). The Impact of COVID-19 in Latin America. World Bank. https://www.worldbank.org/en/news/video/2020/05/20/the-impact-of-covid-19-in-latin-america.

International Finance Corporation. (2020). IFC COVID Response Projects. https://www.ifc.org/wps/wcm/connect/news_ext_content/ifc_external_corporate_site/news+and+events/covid-19/covid-19-projects.

————. (2020, March). Social Bonds in the Context of the Coronavirus (COVID-19). https://www.icmagroup.org/assets/documents/Regulatory/Green-Bonds/SB-COVID-Case-Study-Final-30Mar2020-310320.pdf.

————. (2020, May). COVID-19 Economic Impact: Latin America and the Caribbean. https://www.ifc.org/wps/wcm/connect/9dc4e4a6-cdf5-48d4-b34a-ecd54971ff03/20200527-COVID-19-Response-Brief-LAC.pdf?MOD=AJPERES&CVID=n9nERtO.

————. (2020, July 8). Interim Advice for IFC and EBRD Clients on Migrant Workers and COVID-19. https://www.ifc.org/wps/wcm/connect/193e0b19-d92e-4846-85e0-dbf17da093be/Tip+Sheet_Interim+Advice_Migrant+Workers_COVID19_July2020.pdf?MOD=AJPERES&CVID=ncKNfgb.

Rama, M., & Araujo, J. (2020, April 12). The Economy in the Time of COVID-19. World Bank. https://openknowledge.worldbank.org/bitstream/handle/10986/33555/9781464815706.pdf?sequence=10.

Wellenstein, A., González de Asis, M., & Freire, G. (2020, July 7). Afrolatinos, raza e inclusión social en tiempos de COVID-19. Blogs del Banco Mundial. https://blogs.worldbank.org/es/latinamerica/afrolatinos-raza-e-inclusion-social-en-tiempos-de-covid-19.

World Bank. (October 2020). Semi-annual report of the Latin American and Caribbean region: “The Cost of Staying Healthy.” https://www.worldbank.org/en/region/lac/publication/el-costo-de-mantenerse-sano.

————. (2020). World Bank’s Response to Covid-19 (Coronavirus) In Latin America & Caribbean. https://www.worldbank.org/en/news/factsheet/2020/04/02/world-bank-response-to-covid-19-coronavirus-latin-america-and-caribbean.

————. (2020). World Bank Response to Covid-19 (Coronavirus) in the Caribbean. https://www.worldbank.org/en/news/factsheet/2020/06/11/world-bank-response-to-covid-19-coronavirus-in-the-caribbean.

————. (2020, April 2). World Bank supports Paraguay with US$20 million to provide a prompt response to Covid-19. World Bank. https://www.worldbank.org/en/news/press-release/2020/04/02/paraguay-banco-mundial-covid-coronavirus.

————. (2020, April 17). El Salvador and Honduras to receive support from the World Bank to strengthen their response to COVID-19 (coronavirus). World Bank. https://www.worldbank.org/en/news/press-release/2020/04/16/el-salvador-y-honduras-recibiran-apoyo-del-banco-mundial-para-fortalecer-su-respuesta-al-covid-19-coronavirus.

————. (2020, May 11). Debt Service Suspension and COVID-19. World Bank. https://www.worldbank.org/en/news/factsheet/2020/05/11/debt-relief-and-covid-19-coronavirus.

————. (2020, May 12). World Bank Provides $9.5 Million to Support Haiti’s Food Security During COVID-19 Pandemic. World Bank. https://www.worldbank.org/en/news/press-release/2020/05/12/world-bank-provides-95-million-to-support-haitis-food-security-during-covid-19-pandemic.

————. (2020, May 14). El Banco Mundial aprueba US$254 millones para mitigar el impacto económico del Covid-19 en hogares bolivianos. World Bank. https://www.bancomundial.org/es/news/press-release/2020/05/15/impacto-economico-hogares-bolivianos.

————. (2020, June 22). First-Time Financing by World Bank for Digital Economy in the Eastern Caribbean Approved for US$94 Million. https://www.worldbank.org/en/news/press-release/2020/06/22/first-time-financing-by-world-bank-for-digital-economy-in-the-eastern-caribbean-approved-for-us94-million.

————. (2020, July 14). World Bank Supports Programs to Assist over 13,000 Households in Belize in Response to COVID-19 Crisis. World Bank. https://www.worldbank.org/en/news/press-release/2020/07/13/world-bank-supports-programs-to-assist-over-13000-households-in-belize-in-response-to-covid-19-crisis.